As is usually the case with sanctions, Russia and Iran have devised workarounds for U.S. and NATO sanctions. From Mike “Mish” Shedlock at mishtalk.com:
Russia and Iran developed a way to avoid the US dollar routing system known as SWIFT, Trade between the nations is booming.
What is the SWIFT Banking System?
Investopedia explains: The Society for Worldwide Interbank Financial Telecommunications (SWIFT) system powers most international money and security transfers. SWIFT is a vast messaging network used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions.
Most global transitions touch SWIFT in some way. The EU wanted to develop a way around SWIFT because the EU is sick (rightfully so) of the US setting sanction policy for the whole world.
Russia beat the China to secure SWIFT avoidance mechanism.
